So he sold a number of the railroad's first mortgage bonds to some friends.
With only a few exceptions, no specific form is prescribed by law for the mortgage bond.
They persuaded investors, such as insurance companies, to buy the new mortgage bonds.
The talk in the market yesterday was that the mortgage bonds would yield around 11.25 percent.
Without the mortgage bonds, the deal could be worth up to $1.96 billion, analysts said.
Such a provision in a mortgage bond is therefore valid.
But mortgage bonds fell just 0.8 percent during the same period.
In order to build the school, over $300,000 in mortgage bonds were sold to church members, parents, and the community at large.
Cleveland, $213 million of first mortgage bonds for the public power system.
Moody's has awarded an A-3 rating to the first mortgage bonds.
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